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Strategies & Market Trends : Currencies and the Global Capital Markets
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To: Robert Douglas who wrote (2705)12/26/2000 4:16:11 PM
From: Zeev Hed  Read Replies (1) of 3536
 
Robert, my problem with the Euro (and I voiced this prior to its launch) is quite simple. The EURO IS "backed" by a monetary policy which is supposed to be "right" for all of Europe, but each country has kept the right to conduct its own fiscal policies. There is no avoiding clashes between the the two in at least some of the Union's countries. Having a single European monetary policy but a set of many national fiscal policies will eventually cause disintegration of the system It is quite possible that the Euro was "forced" on Europe by Germany and France in order to attempt and create a political union as well (A Federation of the United States of Europe), but I doubt that Europe will be ready for such a political union for quite a number of years. Thus, the conflict between varying national interests and "The Union"'s interests will create impossible situations and eventually the disintegration of the Euro system, IMHO.

Zeev
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